The income of the town of Kennebunkport has been growing by 2 percent per year.If this growth continues into the future, how long will it take until the town's income has doubled?

Question

Quizplus · Accepted Answer

The Rule of 70 is a way to estimate the number of years it takes for a quantity to double, given a constant annual growth rate. By dividing 70 by the annual growth rate (2% in this case), we get approximately 35 years. Therefore, it will take about 36 years for the town's income to double.

The Income of the Town of Kennebunkport Has Been Growing